We forsee a big turnaround in the earnings on the back of lower credit cost of 1.5% in FY20e and 1% in longer term, gradual margin improvement and pickup in the loan growth. We expect ROE to improve to 15% in FY22e from 3.9% in FY19. Unlike in the past during FY15-19 where PAT had degrown at a CAGR of 22%, we expect PAT to grow by 141% in FY20e, 63% in FY21e and 24% in FY22e i.e. at a CAGR of ~70% over FY19-22e. Comfortable CAR 13.2% and high PCR of >70% reduces any immediate risk of dilution. Subsidiaries are increasing in size and stature gaining market share...